1 inch network raises $ 175 million to attract institutional investors

The 1inch network has secured $ 175 million in Sequence B funding from VanEck, Alameda Investigate, Tribe Cash, and others to attract institutional investors.

The decentralized exchange 1inch Network has secured $ 175 million in a Series B funding round, and according to the press release that mentions notable names like the above, there are others participating in the sponsorship round like Nexo, Celsius, Fenbushi Cash, Jane Street and the. attend Amber team hosted the event. Like other names who participated in the funding round, 1inch says it will “further decentralize” its ecosystem and make its ecosystem more democratic by having every vote count. The DeFi project stated that it intends to use this money to expand its services and focus on traditional investors.

The platform aims to ease entry into the decentralized finance space by creating new protocols, adding more value to native cryptocurrencies, and scaling the entire community pool. The co-founder of the 1inch network, Sergej Kunz, noted:

“While 1inch continues to please the existing DeFi audience by offering state-of-the-art products, 1inch also aims to be a gateway for companies wanting to become part of the DeFi space.”

He believes institutional investors will invest another $ 1 trillion in the project over the next few years, which will keep 1inch focused on providing them with better services. The project aims to attract these investors to the Pro platform, with the expectation of doubling its current size by 2025. The press release said 1inch aims to raise $ 70 million in a funding round. Recent defi-related developments and demand from financiers have raised the project to over $ 100 million. Amber Group co-founder Tiantian Kullander says institutional investors need “seamless access to liquidity across multiple protocols and chains” before they get to the square, which is why they invest in 1Inch:

“We have been really impressed with the speed of product innovation from the 1inch team and look forward to working with them as they continue to build the focal point for the DeFi ecosystem.”